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No oil pressure or at least that's what the gauge says
I was picking up my kids from school today and while I was waiting in line I looked down at my gauge and it was bottomed out. I did drive about 40 miles before I went to pick the kids up, and I didn't notice anything, but I didn't look at the gauge either. I didn't have a check engine light come on, and it wasn't running rough or hot. I checked the oil and I'm in the hash marks. I didn't notice any knocking or noise. I ran the code scanner when I got home.
KOEO codes
121 & 111
KOER codes
121, 536, 538, & 632
None of those sounded like an engine problem according to the codes in the book, that came with the scanner.
Theses gauges are what everyone likes to call glorified idiot lights! They really don't do much of anything, but make us worry when the needle is in the red
You can do an oil gauge mod to make the factory gauge into a real one... search on here.
Just for peace of mind, I'd put a mechanical gauge on there and check it before the new sender goes in.
If the gauge is erratic and/or always displays one extreme, I'd bet on it being a gauge or sender problem. Even on my previous, very worn out engine, at cold start-up it would show good pressure until the engine warmed up a bit.